CRM refers to management of all interactions with customers in which the enterprise indulges. Its main focus is on managing and optimizing entire customer lifecycle. The customer lifecycle revolves around marketing, sales and customer service. According to Jill Dyche (2002), CRM promises to help companies get to know their customers well enough to understand which ones to keep and which ones they should be willing to lose and why -and how not to overspend in the meantime. CRM also means automating many of the business processes and accompanying analysis and saving precious time in the bargain.
Marketing Departments in mid-sized businesses face lots of challenges such as how to target customers more efficiently, how to increase market share, how to compete in the market-place and be ahead of competition, and how to increase one-to-one communications with customers. The unsteady economy has pressured businesses to become as streamlined as possible, leaving marketing departments short on budget and staff. Today, our role as Marketing Consultants is to help companies not only retain current customers but also aggressively grow market-share, open new market potentials and add new customers. Our Marketing offerings can help companies conquer these challenges. We can help developing, supervising and executing your Marketing Strategies, whether through dealing with your Marketing Department or through assigning persons from our company.
Traditionally, customer loyalty is divided into two components; the first component is based on behavior and the other on attitudes (Time varying effects in the analysis of customer loyalty, 2011). It is considered as a crucial point for many business organizations (Managing customer loyalty through the mediating role of satisfaction in the DIY retail loyalty program, 2009). Customer oriented companies will attract and develop loyal customers (Chang & Chen, 2007), since it is a vital element for the existence of operating companies (Chen & Hu, 2010). The success of companies their revenues are guaranteed by customer loyalty, which can be influenced by the style in management (Customer retention, loyalty, and satisfaction in the telecommuncation market, 2001). Customer loyalty is the consumer continues purchasing attitude toward the merchandise or services of a specific company (Advances in Consumer Research, 1977) (Lutz, R., 1986).
It is a marketing strategy where organizationsfocus onbuilding and developing relationship with customer and delivering ongoing quality products and services in order to increase their profit. By doing so, organizations provide them with all the informations about particular productthat directly suited to their needs and interest in order to ensure that they will get what they aspect. In relationship marketing, firms mainlyfocus on increasing the number of individual sales and client attraction but not their retention. However, due to the development oftechnology, change in consumers’ behaviors, organizational attitudes, market situation and increase in number of competitors in global market, the concept of relationship marketing has changed as well. Consumers no longer see themselves as passive consumers and their attention spans are much shorter.
Marketing is a strategic function that is more complex than this. Its main focus is in bringing the consumer, products or a particular service they need, where they want them, and at affordable prices, with all the information needed to make an informed choice. These decisions are reached through a structured process of planning. GRAPH 2.0 Marketing Orientation Marketing as a major function of corporate strategy, developed in the latter period of the last century, as Hannagan states 'The second half of the twentieth century has seen the development of an increasing customer orientationâ€¦ â€¦based on determining the needs and wants of the customers and satisfying them (Hannagan, 2002).' It is this customer orientation of which is the fundamental focus in the marketing process and in becoming marketing orientated; before this organisational strategies stemmed from internal goals such as productivity and sales.
( b ) Example:sonyToyota(finance)foodtown(customers service) Customer value is an organization’s rating of the value it provides to its customers relative to that provided by its competitors. It is the critical part of relationship marketing, achieve the customer satisfaction is the prime goal of the marketers and organization’s long-term goal is achieving through satisfying customer needs, then make profit for companies. It needs to be seen from the customer’s viewpoint to in terms of the value s/he see in interacting with the organization. Interaction by the definition should be a two way process. However, the choice to interact with an organization rests solely with the customer.
Marketing Versus Supply Chain Management In the business field, there are many career paths that you can choose after you have attained your education. To best select potential options for careers, I have narrowed them down to Marketing and Supply Chain Management to show the differences and similarities between both careers. Supply Chain Management deals with sourcing raw materials to manufacturing goods, delivering the products, and the point of sale (BusinessDictionary.com). While marketing is where the company targets their audience to specific products to increase their revenues. These professions have a high demand outlook within the business world.
A Consumer Driven Economy In the past, marketing has been based on a stimulus and response method, where marketers would send out stimuli in the form of advertising and promotions to receive a specific response in the consumer’s behavior. Today, marketers have discovered an alternative way to communicate with their consumers called sense-and-respond. A sense-and-respond model is where advertisers sense what consumers are saying they want, through their behavior, and the marketers respond as promptly and as efficiently as possible. This new trend is giving the consumer control over the decisions that until now, the corporations made for them. This impacts many aspects of business- from the items the retailers decide to stock, how the merchandise is categorized, the delivery, and the consumers even have more control over the development of new products.
Sales management is a business discipline which is focused on the practical application of sales techniques and the management of a firm's sales operations. It is an important business function as net sales through the sale of products and services and resulting profit drive most commercial business. The sales management process monitors and measures each staff member's ability to either support sales or do the actual selling to customers. An effective sales management strategy includes setting goals, providing sales support and training, creating or updating the sales strategy, and monitoring results. The heart of your business success lies in its marketing.
The company offer to deliver a constantly needed product on a regular basis at a lower price per unit to capture the customer’s business for a longer period. For gaining market share the company emphasizes on building customer share by offering a large variety of goods to existing customers. They train the employees in cross-selling and up-selling. The company’s marketing is facilitated by the proliferation of special-interest magazines, TV channels, and Internet, news groups. For creating customer database, the company collects sales data about individual customer’s purchases, preferences, and demographics and profitability.